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A Difficult Time for Business ?(It Shouldn’t be for Yours !)

Business Planning (A Necessary Good)

Presentation for

Macarthur Accountant’s Discussion Group

Professional Development Training Program

by Geoffrey D EllisB.Bus, M.Bus, FCPA, FAIM, MAICD, MIMC, MAIBB, JP

(Business Development Specialist)

5th August 2009

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8 Good Business Essentials(For Greater Business Success)

1. Clear Focus & Direction

2. Financial Management & Liquidity

3. Overall Management & Business Experience

4. Sound Sales & Marketing

5. Resilience

6. Good Record Management

7. Reliable Staffing & Employment Practises

8. Seek Professional Advice

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Your Business Cycle(We are now entering a New Era)

• World Economy• Australia Economy• Regional Economy• Local Market• Industry Cycle• Credit Availability• Political Scene (National & State)• Social & Community• Sustainability• Personal Circumstances• Employment (Labour) Squeeze

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Clear Focus & Direction(You can call it a Business Plan !)

• What’s Your Approach to Planning ?– I haven’t needed a

Business Plan so Far!– I’ve got one on the shelf– I actively Manage my

Business by Planning & Reviewing Regularly

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Clear Focus & Direction(You can call it a Business Plan !)

• What is a Business Plan?

• Why is a Business Plan a MUST have?

• What should be in a Business Plan?

• So why don’t people do Business Plans?

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Clear Focus & Direction(You can call it a Business Plan !)

• What goes with a Business Plan:– SWOT– Vision/Mission Statement– Budget

• Income• Expenditure• Capital

– Key Performance Indicators– Engagement of Key Personnel– Accountability– Regular Review & Updating

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Clear Focus & Direction(You can call it a Business Plan !)

• Our Approach to Planning (Extract)

© Profit Advantage Group Every Business Needs a Profit Advantagewww.profitadvantage.com.au

8 Good Business Essentials(For Greater Business Success)

1. Clear Focus & Direction

2. Financial Management & Liquidity

3. Overall Management & Business Experience

4. Sound Sales & Marketing

5. Resilience

6. Good Record Management

7. Reliable Staffing & Employment Practises

8. Seek Professional Advice

© Profit Advantage Group Every Business Needs a Profit Advantagewww.profitadvantage.com.au

Resilience(Survival Guide – 21 Suggestions Part 1)

• Account for every $ (Bookkeeping)

• Review Past Expenditure (Identify Excess)

• Reduce Costs (Does it Generate Income)

• Update your Planning (Budgets & KPI’s)

• Manage the Business (Work ON it not IN it)

• Reduce Inventory (Excess or Obsolete)

• Improve Efficiency (Process & Procedures)

© Profit Advantage Group Every Business Needs a Profit Advantagewww.profitadvantage.com.au

Resilience(Survival Guide – 21 Suggestions Part 2)

• Office Efficiencies (Organised & Tidy)

• Review Pricing (Twice a Year)

• Revisit Business Finance (Tax Effective)

• Keep Marketing (Consistently Focussed)

• Referrals & Testimonials (Reduce Risk)

• Seek Advice (Everyone needs some)

• Sales Pipeline (Leads & Conversions)

© Profit Advantage Group Every Business Needs a Profit Advantagewww.profitadvantage.com.au

Resilience(Survival Guide – 21 Suggestions Part 3)

• Staff (Job Descriptions & Incentives)

• Excess Capacity? (Space, Time, Staff)

• Review Trade Debtors (Look for their Risk)

• Use Available Technology (Work Smarter)

• Review Insurances (Risk Assessment)

• Survey your Customers (Are they Happy)

• Manage Credit (Cash is King !)

© Profit Advantage Group Every Business Needs a Profit Advantagewww.profitadvantage.com.au

What We Do(To Improve your Business)

• Business Development– Business Improvement– Growth Management– Business Recovery– Exit Strategies

• Services include (but not limited to)– Sales & Marketing– Business Planning– Budgets & Cashflow– Expense Reduction– Overall Business Health Check– Business Mentoring– Management Accounting– Employment & HR– Business Broking

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Our Processes(Ask About or Presentation Special)

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Geoffrey D EllisPrincipal Profit Advantage Group

29 yrs Private & Public Sector Experience (State, National & International) B.Bus, M.Bus, FCPA, FAIM, MAICD, MIMC, MAIBB JP Director, Macarthur Business Enterprise Centre President & Director, Youth Solutions President & Director, Campbelltown Chamber of Commerce Listed in CPA Australia Register of Directors Listed in AICD Register of Directors Listed in 2 separate International volumes of Marquis Who's Who Qualified Myers-Briggs Type Indicator ® Facilitator (ENTP) Started the successful South West Networking Group in March 2004 Chairman Macarthur Lifestyle & Business Expo Steering Committee Former Director, Institute of Management Consultants

Thank-you for your attention – QUESTIONS ?